In the age of TikTok, Instagram, and YouTube, it’s easier than ever to access information on just about any topic—including personal finance. Enter the finfluencer: a financial influencer who shares tips on saving money, paying off debt, investing, and building wealth.
Many of these influencers have built massive followings by breaking down complex financial topics into fun, digestible content. They speak directly to everyday people, often sharing their own experiences of getting out of debt or reaching financial independence.
But here’s the problem: not all financial advice is good advice—especially when it’s coming from someone with no formal training or credentials.
At SolveYourDebts.com, we’re encouraged to see growing interest in financial literacy, but we also want to help people make informed decisions about where they get their advice. Because when it comes to money, following the wrong advice could leave you worse off than when you started.
Who are Finfluencers?
Finfluencers are social media creators who focus on personal finance topics. Some share budgeting tips. Others talk about side hustles, frugal living, or how they paid off $50,000 in student loans. Others dive into investing, crypto, and real estate strategies.
Some have backgrounds in finance. Many don’t.
While a handful of finfluencers are certified financial planners or have formal experience, most are self-taught—and unregulated. That’s where things get risky.
What’s the Appeal?
There’s no denying that finfluencers are filling a gap. For years, financial advice has often been gatekept—tied up in jargon, inaccessible to young people, or targeted only at those with wealth.
Finfluencers speak in plain language. They share relatable stories and real-life struggles. They make money management feel less intimidating. And they often connect with audiences who don’t see themselves reflected in traditional financial media.
But relatability doesn’t always equal reliability.
The Risks of Taking Advice from Unqualified Sources
Here’s what concerns us:
1. One Size Doesn’t Fit All
Just because a budgeting trick or investment worked for someone online doesn’t mean it will work for you. Your income, debt load, family needs, and financial goals are unique—and your plan should be too.
2. Oversimplified (or Flat-Out Wrong) Advice
Social media thrives on quick, snappy content. But finance isn’t always simple. Important context gets left out. We’ve seen finfluencers recommend using credit cards to invest, withdrawing RRSPs early, or taking on risky debt—all without warning of the long-term consequences.
3. Unregulated and Unaccountable
Unlike certified professionals, most finfluencers are not bound by ethical or regulatory standards. They don’t have fiduciary responsibility to act in your best interest, and there’s no oversight ensuring their advice is accurate or safe.
4. Hidden Agendas
Some finfluencers make money by promoting products or services—like trading platforms, crypto schemes, or high-fee credit cards. This can create conflicts of interest that aren’t always obvious to their followers.
5. False Sense of Security
When someone appears confident and successful online, it’s easy to assume they know what they’re doing. But flashy success stories can mask risky behaviour, debt, or even misinformation.
Red Flags to Watch For
If you’re getting financial advice from social media, be wary of the following:
- “Guaranteed” results or “get rich quick” schemes
- Advice that sounds too good to be true
- Pushy product recommendations with affiliate links
- Lack of transparency about credentials
- No mention of risks, downsides, or alternative strategies
How to Be a Smart Financial Consumer Online
We’re not saying you should ignore all content from finfluencers. Many provide valuable motivation and real-life tips. But it’s important to balance inspiration with credible information.
Here’s how to protect yourself:
- Verify credentials: Look for creators who are certified financial planners (CFPs), Accredited Financial Counsellors (AFCC) , or who partner with reputable organizations.
- Cross-reference advice: Before taking action, check advice against trusted sources like non-profit agencies, government sites, or certified professionals.
- Know your own situation: Don’t blindly copy someone else’s financial journey. Create a plan that fits your goals, income, and obligations.
- Use social media as a spark—not a strategy: Let finfluencer content spark curiosity, but build your financial strategy on evidence-based, personalized guidance.
Looking for Trusted, Personalized Help?
At SolveYourDebts.com, we provide real financial advice from Accredited Financial Counsellors who are here to help you get back on track—without judgment and without pushing products.
We understand how overwhelming it can be to sort through financial noise online. If you’re struggling with debt, living paycheque to paycheque, or unsure where to begin, let’s talk. A free, confidential session with one of our counsellors can give you the clarity and tools you need to take control of your finances—no gimmicks, no filters.
